The wheat market is trading with midday losses on Monday. Chicago SRW futures are down 8 to 9 cents so far at midday. Kansas City HRW is trading with 6 to 7 cent losses on Monday. MPLS spring wheat is down 6 to 8 cents across the front months. 

The next week is expected to see precip across much of the Plains states, from Texas to South Dakota. Winter wheat ratings will be released this afternoon, with traders looking for steady ratings from last week.

USDA’s Export Inspections report indicated a total of 510,250 MT (18.75 mbu) of wheat shipped in the week that ended on 4/17. That was down just 16.55% from the previous week but 13.31% above the same week in 2024. Vietnam was the top destination of 133,547 MT, with 89,273 MT headed to Mexico and 64,683 MT to the Philippines.  Marketing year shipments have totaled 18.81 MMT (691.24 mbu), which is up 14.43% compared to the same week last year. 

Commitment of Traders data showed specs cutting 5,693 contracts from their net short position in CBT wheat futures and options as of Tuesday 96,439 contracts. In KC wheat, they were at a net short of 47,372 contracts, a reduction of 2,462 contracts during the week of April 15.

May 25 CBOT Wheat  is at $5.40 1/2, down 8 1/4 cents,

Jul 25 CBOT Wheat  is at $5.54 1/4, down 8 cents,

May 25 KCBT Wheat  is at $5.51 1/4, down 6 1/4 cents,

Jul 25 KCBT Wheat  is at $5.64, down 6 cents,

May 25 MGEX Wheat  is at $5.98 1/4, down 8 cents,

Jul 25 MGEX Wheat  is at $6.12 3/4, down 6 1/2 cents,